Many people might take it for granted but identity theft is a real risk for everyone with a bank account, social security number, and other financial information. It is something you don’t think about until it happens to you. Well, it is important to start taking precautions now by looking at identity theft comparisons because its consequences may be more than you ever bargained for.

There are stories of victims losing everything simply because another person used their identity to make purchases, rack up debts, and mislead other people. The blog posts outlined here talks about identity theft, its consequences, and tips on how to prevent it. Hopefully, these stories and guidance will guard you against identity theft:

Tom @ Truston wrote a post titled “Close a Huge Loophole for Credit Card Fraud”. The premise of this article is that criminals will find a way to take advantage of the loopholes on your credit card. Simply by getting your home address, contact number, and account number, they can commit fraud and you’ll be left with a mountain of debt. He advises you to choose paperless account statement over the mailed ones to avoid certain risks.

Michelle @ Identity Theft Blog said in her article “Online Credit Card Theft Affects 130 Million: Learn to Protect Yourself” that as much as 130 million people can actually be victims of identity theft. Recently, two men were indicted in connected to their activity. They stole 130 million debit and credit card numbers in what was called the biggest identity theft case in United States history. This incident serves as a wake-up call for individuals who are still laid back on identity protection.

The Fight Identity Theft Blog featured a story about Fed Chief Ben Bernanke in the post titled “Ben Bernanke – Identity Theft Victim”. Technically, it was his wife who was the victim because her purse was stolen at Starbucks. Later, they discovered that the thieves tried to steal $9,000 using Bernanke’s checks.

Though a lot of economic indicators reveal that the US economy might be on the road to recovery, its effects are still not being felt by the ordinary American. The unemployment rate is still rising, foreclosures are occurring in almost every state, and the amount of credit available in the market is still limited.

Given all these challenges, what can a struggling person do? Well, we have compiled a list of blogs that can help you during the tough times. Everything from how you can save on your grocery bill to how you can lower the operating cost of a business is discussed here.

Billshrink Guy posted one of the best money saving blog post for this week. His post, “16 Depression Era Money Saving Tips” provided comprehensive recommendations from buying used stuff to moving to a more prosperous location. The blogger also puts a lot of things in perspective when it comes to money management.

BloggyBiz has a recent post about effective small business management. The article entitled, “Saving Tips into Business Management” is very helpful. It looks at the major operating costs of running a business including marketing and staffing. The tips are mostly commonsense stuff that is nevertheless beneficial to anyone with a small business.

If you’re looking for ways to save on food, then the blog Not Made of Money is the right one for you. The just-posted article titled “Family Food – Easy Ways to Keep the Budget in Check” provides useful tips that can help American households save on food. For example, it advises readers to eat at home rather than go out and to make meals in bulk for time and cost considerations.

Madison @ My Dollar Plan blogs about consistently good bank deals. Posting whatever bank bonus, generous interest rate, and other great deals, people who are having trouble with their current bank should consider looking into this site for alternatives. The most recent post, “Bank of American $25 Bonus” is just an example of the kind of article she regularly features.

There’s no denying that the economic doom-and-gloom from the media got really bad a few months back. Fortunately, the nation seemed to have gotten past all that and now there’s talk of economic recovery. The US is still in recession but Obama administration had said that economic recovery will happen…slowly. So if you’re in a tight bind, what should you do? There are a few smart techniques that can help you improve your personal finance.

· Learn How to Tract Spending – most people know what their income streams are but they lose track of their spending. Be aware of the things you buy here and there because its costs can quickly add up. In addition, take note of your credit card usage. If you’re using it too much, chances are, you’re spending more than you can afford. Use a spending plan as a tool to motivate you.

· Identify Your Buying Pattern – are you an impulsive buyer? Do you look for deals all the time? Or do you have a soft spot for certain products? Know what your weaknesses are and then identify the reasons why. Make an effort to stop spending on unnecessary items.

· Save Some Money – every financial guru will tell you this: you really need to save. You might not be able to save as much money with the situation right now, but set aside as much money as you can. Also, remember that having an emergency fund is a must, not an option.

· Don’t Dig Yourself Deeper in Debt – many people try to pay their previous debs by refinancing or borrowing from a new source. Eventually though, this technique may no longer be feasible. It is also becoming harder to find sources of financing so you will eventually need to face up to your obligations.

· Diversify Your Income – now, this is the best solution to your problem. But this requires a lot of planning, effort, and strategizing on your part. Some ways to get multiple income streams include starting a small business, offering your services online and offline, selling some unused stuff, or going into dividend investments.

What you should learn from all this is the fact that your financial future is actually in your hands. The economic climate might have an impact but it is up to you to change your situation.

Along with banks that are now undergoing increased scrutiny, credit-happy consumers are also finding themselves pushed against the wall as they begin to realize that they need to deal with life without credit. The US economic crisis has forced the credit card industry to rethink its strategy. Since the “revolving credit” concept was introduced in 1958 in the US, the business expanded to become a $1-trillion industry. Between 2005 and 2008, consumer spending using credit has bought the savings rate in the US to nearly zero.

But in May, this trend reversed. The savings rate rose to 6.9 percent, a 15-year high that was boosted in part, by the federal stimulus package. This is just one of the signs that the credit card industry is about to reverse. For the first time in its 40 year history, it is expected that revolving credit will decline.

Credit card companies are tightening credit standards because the default rate has doubled from 2006. Likewise, consumers are hesitant to take on additional debts when their economic future remains uncertain. In many places around the country, the value of real estate properties are still precautious and job security is becoming an increasing concern.

Changing the Consumer’s Spending Behavior

For many, their attitude towards debt has changed. During the housing boom, it seems practical for homeowners to borrow money using their home equity. The new marketplace dynamics changed all that. Even after the US comes out of the recession, spending habits will already be influenced by this dramatic experience.

Over the short term, the consumer’s motivation to save may effectively halt fast recovery because around 70 percent of the US economy relies on consumer spending. Over the long term though, a high savings rate will provide individuals with sufficient capital to invest in new ideas and innovations. It is predicted that this will create jobs and spur economic growth.

In the meantime, there is no escaping the fact that both the credit card companies and the consumers are struggling for balance. Banks are trying to figure out how to establish the credit worthiness of their clients because the FICO score seems less effective in today’s turbulent environment. On the other hand, consumers are adjusting to a “leaner” lifestyle where they need to cut back on almost everything to survive.